Brookfield Properties Corporation

Brookfield Properties Corporation

March 11, 2005 15:36 ET

Ex-Dividend Update On Brookfield's Three-For-Two Stock Split




MARCH 11, 2005 - 15:36 ET

Ex-Dividend Update On Brookfield's Three-For-Two Stock

NEW YORK, NEW YORK--(CCNMatthews - March 11, 2005) - Brookfield
Properties Corporation (TSX:BPO)(NYSE:BPO) today announced that March
11, 2005, is the ex-dividend date on the Toronto Stock Exchange (TSX)
for the company's previously-announced three-for-two stock split of its
outstanding common shares. The stock split is being implemented in the
form of a stock dividend payable on March 31, 2005. Trading activity on
the TSX will reflect post-stock split prices commencing on the
ex-dividend date.

The ex-dividend date for Brookfield's stock split on the New York Stock
Exchange (NYSE) is April 1, 2005, with shares trading until then at
pre-stock split prices under a "due bill" process, consistent with the
NYSE's policy to defer the ex-dividend date when distributions or stock
splits represent a significant portion of the market value of the common

Shareholders wishing to trade on the NYSE between March 11, 2005 (the
TSX ex-dividend date which usually occurs two days prior to the record
date) and March 31, 2005 (the distribution date), will be trading shares
at the at pre-stock split price . During this period, a buyer of
Brookfield common shares will be assigned an instrument known as a due
bill, which is the right to participate in the stock split. In turn, a
seller of Brookfield common shares will automatically assign that right
to a buyer. The Depository Trust & Clearing Corporation will record all
trading activity on the NYSE during this period to facilitate this due
bill process.

Shareholders of record on March 15, 2005 will receive one Brookfield
common share for each two common shares held. Fractional shares will be
paid in cash, based on the closing price of Brookfield's common shares
on the TSX on March 15, 2005.

Brookfield is undertaking the stock split to ensure its shares remain
accessible to individual shareholders, and to further enhance the
liquidity of the company's shares. The dividend will have no unfavorable
tax consequences in the United States or in Canada, and will not dilute
shareholders' equity.

Information on the stock split dividend and on the company's common and
preferred share dividends can be found at

Brookfield Properties Corporation owns, develops and manages premier
North American office properties. The Brookfield portfolio comprises 46
commercial properties and development sites totaling 46 million square
feet, including landmark properties such as the World Financial Center
in New York City and BCE Place in Toronto. Brookfield is inter-listed on
the New York and Toronto Stock Exchanges under the symbol BPO. For more
information, visit

Note: This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. The
words "believe," "expect," "anticipate," "intend," "estimate," and other
expressions which are predictions of or indicate future events and
trends and which do not relate to historical matters, identify forward
looking statements. Reliance should not be placed on forward-looking
statements because they involve known and unknown risks, uncertainties
and other factors, which may cause the actual results, performance or
achievements of the company to differ materially from anticipated future
results, performance or achievement expressed or implied by such
forward-looking statements. Factors that could cause actual results to
differ materially from those set forward in the forward-looking
statements include general economic conditions, local real estate
conditions, timely re-leasing of occupied square footage upon
expiration, interest rates, availability of equity and debt financing
and other risks detailed from time to time in the company's 40-F filed
with the Securities and Exchange Commission. The company undertakes no
obligation to publicly update or revise any forward looking statements,
whether as a result of new information, future events or otherwise.


Contact Information

    Brookfield Properties Corporation
    Melissa Coley
    Vice President, Investor Relations and Communications
    (212) 417-7215